Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The Appellate Tribunal considered the validity of assessment proceedings u/s 144C, focusing on the period of limitation. The assessee argued that u/s 153(4), an extended 12-month period for assessment completion applies only when a reference u/s 92CA(1) is made to the Transfer Pricing Officer (TPO) during assessment or re-assessment. The Tribunal agreed, noting that the extended time limit is not available for Non-Resident assessments u/s 144C. As the assessment notice was issued on 30.03.2021, the assessment should have been completed by 31/03/2022. Since the final assessment order was passed on 12.01.2023, it was deemed barred by limitation. The Tribunal allowed the assessee's appeal.
The Appellate Tribunal considered the validity of assessment proceedings u/s 144C, focusing on the period of limitation. The assessee argued that u/s 153(4), an extended 12-month period for assessment completion applies only when a reference u/s 92CA(1) is made to the Transfer Pricing Officer (TPO) during assessment or re-assessment. The Tribunal agreed, noting that the extended time limit is not available for Non-Resident assessments u/s 144C. As the assessment notice was issued on 30.03.2021, the assessment should have been completed by 31/03/2022. Since the final assessment order was passed on 12.01.2023, it was deemed barred by limitation. The Tribunal allowed the assessee's appeal.
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